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PayPal backs Indonesian insurance startup Qoala in $47M funding

Indonesia/USA

Omnichannel InsurTech Qoala announced the completion of its Series C funding round, raising USD 47 million led by PayPal Ventures and MassMutual Ventures. The round was joined by MUFG Innovation Partners, Ohana Holdings and existing investors, Flourish Ventures, Eurazeo and AppWorks, echoing confidence in the company’s mission in driving financial inclusion.

The Series C funding enables the company to expand its embedded insurance business (B2B2C) across Southeast Asia. The investment will also empower Qoala to intensify its tech-driven initiatives, seamlessly integrate artificial intelligence across all channels, and elevate the experience of customers, agents, and partners. Further, Qoala will leverage the funds to explore new products and channels for its agent platform, while accelerating growth by exploring strategic acquisitions and partnerships across all verticals. This multi-faceted approach will strengthen Qoala’s leading market position in the region.

Harshet Lunani, Founder and CEO of Qoala said, “Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission. Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”

Alexandros Bottenbruch, Principal, PayPal Ventures said “It is commendable to see what Qoala has achieved in a short period of time. By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap.”

Ryan Collins, Managing Partner of MassMutual Ventures stated “We have been extremely impressed by Qoala’s remarkable growth since our first investment in 2019. The team’s consistent hard work and high-performance are evident in their market-leading position. We are proud to continue our support as they continue to redefine industry standards and promote financial inclusion in the region.” 

Since its Series B fundraise in 2022, Qoala has recorded a 2.5x growth in gross written premiums and currently processes up to 60% of total claims in-house, while delivering market-leading customer satisfaction. Notably, the impressive growth is predominantly attributed to their diversified partnership channels, which saw a significant expansion in business partners. The company’s profitability metrics have continued to trend upwards, outpacing GWP’s growth, highlighting its commitment to sustainable financial performance.

Qoala’s agent platform has demonstrably improved insurance accessibility and claim resolution for Indonesians within just four years. In 2023 alone, Qoala processed over 115,000 claims and reached 45,000 new customers. Its diverse product portfolio and motivated 60,000+ marketers network further contribute to safeguarding its customers’ financial well-being. Through nationwide presence and impactful initiatives, the platform simplifies insurance and empowers individuals across Indonesia, making a significant societal impact.

The InsurTech’s emphasis on financial inclusion was recognised by CB Insights in 2023, when Qoala was named to its Fintech 100 and InsurTech 50 global list. The company’s mission of improving lives has gone beyond product innovation and distribution to being a strong advocate of financial literacy across various offline and online platforms.

This funding will be directed towards significantly enhancing agent experiences and operational efficiency by further advancing the company’s use of generative AI.  This investment will enable Qoala to refine and expand its established InsurTech platform, ensuring it remains at the forefront of technology and reduces time-to-market. Moreover, Qoala is dedicated to developing tools that support its insurance partners in improving their capabilities in underwriting, claims processing, and fraud detection, reinforcing its commitment to innovation and excellence in the industry.

With the latest investment, Qoala’s total capital raised to date surpasses $130 million. This round adds to an impressive list of existing investors, including Peak XV Partners (formerly Sequoia Capital India), Kookmin Bank Investment, MDI Ventures, SeedPlus, Daiwa Capital, Indogen Capital, Mandiri Capital, and Salt Ventures.

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